 "Retail tech firm Ace Turtle raises Rs 293 cr from Vertex, others")
Ace Turtle, a retail technology firm, has raised $34 million (Rs 293 crore) in funding it will use for business growth and hiring.
The Series B funding round was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. Existing investors Vertex Southeast Asia & India and InnoVen Capital participated in the round, too.
“The funds will be utilised to develop cutting-edge technological tools that ensure seamless omnichannel operations, and acquire licenses for new fashion and lifestyle brands,” said Nitin Chhabra, chief executive officer of Ace Turtle. “We would also recruit skilled talent across all levels to support the aggressive growth plans. This will help us to expand our brand portfolio and solidify our competitive edge in the market.”
The firm said it doubled its revenue in FY23 and became EBITDA-positive. Its portfolio of licensed brands currently comprises Lee, Wrangler, Toys “R” Us and ‘Babies R Us’.
“We are delighted to be a part of India’s massive consumer upgrade story,” said James Lee, general partner at Vertex Growth. “We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth.”
Yoshitaka Kitao, chairman and president of SBI Investment, said one of the key investment themes for the firm has been Asia’s domestic consumption. “We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening internet penetration,” said Kitao, about the investment in Ace Turtle.
Ace Turtle integrates design, local manufacturing and marketing to reach consumers directly. It has a proprietary technology which uses data from design to fulfill consumer expectations.